Monarchies are autocratic, but I don't think it's fair to throw them in the same bucket as modern autocracies. They came in many flavours and shapes. Often they had some checks and balances and due to the ruler not fearing for loss of power, they often had the intention to actually invest in their country and make their peoples live better.

A modern autocracy has the incentive to keep the population dumb to stay existing. Old monarchies have the incentive to make their population more intelligent, so it has more power than the neighbor.